High Yield Fund

LHYAX

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Daily price w/o sales charge as of 09/27/2016

$7.44

$0.00

YTD Returns w/o sales charge as of 09/27/2016

13.00%

Overall Morningstar Ratings

High Yield Bond

as of 08/31/2016

Load & Load Waived

Morningstar rated the Lord Abbett High Yield Fund class A share (load) 5, 5 and 5 stars and (load waived) 5, 5 and 5 stars among 654, 524 and 368 High Yield Bond Funds for the overall rating and the 3, 5 and 10 year periods ended 8/31/2016, respectively.

Please click here for performance current to the most recent quarter-end and month-end.

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Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core high-yield holding over a full market cycle.

Yield

Dividend Yield ¹ as of 09/27/2016

	Subsidized³	Un-Subsidized⁴
w/o sales charge	-	5.98%
w/ sales charge	-	5.84%

30-Day Standardized Yield ² as of 08/31/2016

5.45%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Expense Ratioas of 08/31/2016

Expense ratio details, Click here.

The net expense ratio takes into account a contractual management fee waiver/expense reimbursement agreement that currently is scheduled to remain in place through 03/31/2017. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower.

Fund Basicsas of 08/31/2016

Total Net Assets: $5.78 B
Inception Date: 12/31/1998
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 720
CUSIP: 54400N102
Minimum Initial Investment: $1,500+

Expense ratio details, Click here.

Fund Expense Ratio :

0.94%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/1998

w/o sales charge	12.79%	8.38%	6.22%	8.29%	7.91%	6.98%
Lipper Category Avg. High Yield Funds	10.88%	6.36%	4.14%	6.22%	6.25%	-
BofA Merrill Lynch U.S. High Yield Constrained Index	14.58%	9.23%	5.40%	7.32%	7.75%	6.92%
w/ sales charge	10.23%	5.92%	5.42%	7.80%	7.67%	6.85%

Fund Expense Ratio :

0.94%

Fund Expense Ratio :

0.94%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/1998

w/o sales charge	7.63%	1.21%	5.08%	6.45%	7.57%	6.77%
Lipper Category Avg. High Yield Funds	6.52%	0.48%	2.95%	4.75%	6.14%	-
BofA Merrill Lynch U.S. High Yield Constrained Index	9.32%	1.74%	4.20%	5.70%	7.50%	6.70%
w/ sales charge	5.19%	-1.02%	4.28%	5.97%	7.33%	6.63%

Fund Expense Ratio :

0.94%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

Credit Quality Distribution as of 08/31/2016 View Portfolio

Rating	Assets
AAA
BBB
BB
B
<B
Not Rated

Ratings provided by Standard & Poor's and Moody's. Where S&P and Moody's rate a security differently, Lord Abbett uses the higher credit rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non investment grade bonds (junk bonds) involve higher risks than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. The credit quality distribution breakdown is not an S&P credit rating or an opinion of S&P as to the credit worthiness of the portfolio.

Investment Team

Steven F. Rocco, CFA

Partner & Portfolio Manager

15 Years of Industry Experience

Robert A. Lee

Partner & Chief Investment Officer

25 Years of Industry Experience

Supported By 55 Investment Professionals and 13 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 09/27/2016

	Subsidized³	Un-Subsidized⁴
w/o sales charge	-	5.98%
w/ sales charge	-	5.84%

30-Day Standardized Yield ² as of 08/31/2016


w/o sales charge	5.45%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

0.94%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/1998

w/o sales charge	12.79%	8.38%	6.22%	8.29%	7.91%	6.98%
Lipper Category Avg. High Yield Funds	10.88%	6.36%	4.14%	6.22%	6.25%	-
BofA Merrill Lynch U.S. High Yield Constrained Index	14.58%	9.23%	5.40%	7.32%	7.75%	6.92%
w/ sales charge	10.23%	5.92%	5.42%	7.80%	7.67%	6.85%

Fund Expense Ratio :

0.94%

Fund Expense Ratio :

0.94%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/1998

w/o sales charge	7.63%	1.21%	5.08%	6.45%	7.57%	6.77%
Lipper Category Avg. High Yield Funds	6.52%	0.48%	2.95%	4.75%	6.14%	-
BofA Merrill Lynch U.S. High Yield Constrained Index	9.32%	1.74%	4.20%	5.70%	7.50%	6.70%
w/ sales charge	5.19%	-1.02%	4.28%	5.97%	7.33%	6.63%

Fund Expense Ratio :

0.94%

Returns with sales charges reflect a maximum sales charge of 2.25%.

Best returns

Durations	Fund Returns	Blended Index

3-Mo	17.32	23.1
1-Yr	54.92	64.19

Worst returns

Durations	Fund Returns	Blended Index

3-Mo	-26.22	-29.38
1-Yr	-27.59	-30.77

Best & Worst returns reflect a cumulative return for the three-month and one-year periods.

Year	Fund Returns	BofA Merrill Lynch U.S. High Yield Constrained Index

2015	-2.26%	-4.61%
2014	3.46%	2.51%
2013	9.69%	7.41%
2012	16.50%	15.55%
2011	3.15%	4.37%
2010	14.31%	15.07%
2009	50.51%	58.10%
2008	-23.42%	-26.11%
2007	2.43%	2.53%
2006	9.94%	10.76%
2005	1.15%	-
2004	10.42%	-
2003	21.59%	-
2002	-0.10%	-
2001	5.36%	-
2000	-3.01%	-
1999	6.57%	-
1998	0.80%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2016	2.01%	5.52%	-	-	13.00%
2015	3.05%	0.86%	-4.23%	-1.81%	-2.26%
2014	2.92%	3.38%	-1.83%	-0.95%	3.46%
2013	3.97%	-1.03%	2.51%	3.99%	9.69%
2012	6.63%	0.36%	5.06%	3.61%	16.50%
2011	3.82%	1.07%	-7.02%	5.73%	3.15%
2010	4.93%	-0.92%	6.33%	3.40%	14.31%
2009	5.95%	17.32%	14.23%	6.01%	50.51%
2008	-3.43%	1.99%	-7.81%	-15.68%	-23.42%
2007	2.98%	0.17%	0.48%	-1.17%	2.43%
2006	2.57%	0.01%	2.80%	4.27%	9.94%
2005	-1.74%	1.49%	0.87%	0.56%	1.15%
2004	1.07%	-0.32%	4.34%	5.04%	10.42%
2003	4.06%	8.25%	2.40%	5.41%	21.59%
2002	1.51%	-3.59%	-3.78%	6.10%	-0.10%
2001	5.14%	-1.67%	-3.99%	6.15%	5.36%
2000	-1.66%	0.99%	0.31%	-2.65%	-3.01%
1999	3.43%	-0.11%	-0.81%	3.99%	6.57%
1998	-	-	-	-	0.80%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

Growth of $10,000 as of 08/31/2016

The chart begins on the Fund's inception date of 12/31/1998.

Based on a hypothetical Class A share investment of $10,000 on 12/31/1998 without sales charge and includes the reinvestment of all distributions.

NAV Historical Prices

Date	Net Asset Value

Portfolio

Rating	Assets
High Yield Bonds
Investment Grade Bonds
Bank Loans
Equity
Convertibles
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Rating	Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 08/31/2016

Rating	Assets
AAA
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 06/30/2016

Although volatility in the credit markets remained elevated in the second quarter, especially with surprise decision by the United Kingdom to exit the European Union, high yield bonds posted strong gains during the quarter, outperforming the majority of fixed income asset classes. We believe volatility may continue as markets digest further political and economic uncertainty surrounding the “Brexit” decision, its impact on global growth, and the implications for central bank policy.
The portfolio remains underweight the health care and telecom sectors relative to its benchmark, the BofA Merrill Lynch U.S. High Yield Constrained Index. Concerns relating to the pharmaceutical industry and a loss of earnings momentum in hospitals drove the decision to underweight health care during the quarter, while competitive pressures within the telecom space compelled an underweight therein.
We continued to add to the overweight in the energy sector. We have found opportunities in select exploration and production companies trading at attractive valuations.
As of quarter-end, the portfolio had modest allocations in out-of-index sectors, such as bank loans, convertibles, investment-grade bonds, and equities, as we found opportunities that offer attractive risk/reward profiles, while also providing additional portfolio diversification and avenues for liquidity.

Portfolio Details as of 08/31/2016

Total Net Assets: $5.78 B
Number of Issues: 720
Average Coupon: 6.70%
Average Maturity: 6.42 Years
Average Effective Duration: 4.36 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding	Coupon	Maturity	Assets

Neptune Finco Corp.	10.875%	10/15/2025	1.5%
ArcelorMittal	6.125%	06/01/2025	0.8%
Navient Corp.	5.875%	03/25/2021	0.7%
Equinix, Inc.	5.875%	01/15/2026	0.6%
Frontier Communications Corp.	10.500%	09/15/2022	0.6%
Frontier Communications Corp.	11.000%	09/15/2025	0.6%
T-Mobile USA, Inc.	6.500%	01/15/2026	0.6%
CCO Holdings LLC / CCO Holdings Capital Corp.	5.875%	04/01/2024	0.5%
T-Mobile USA, Inc.	6.836%	04/28/2023	0.5%
MEG Energy Corp.	7.000%	03/31/2024	0.5%

% of Total Assets			6.9%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Holding	Coupon	Maturity	Assets

Neptune Finco Corp.	10.875%	10/15/2025	1.6%
ArcelorMittal	6.125%	06/01/2025	0.8%
Frontier Communications Corp.	10.500%	09/15/2022	0.6%
Navient Corp.	5.875%	03/25/2021	0.6%
Frontier Communications Corp.	11.000%	09/15/2025	0.6%
T-Mobile USA, Inc.	6.500%	01/15/2026	0.6%
T-Mobile USA, Inc.	6.836%	04/28/2023	0.6%
CCO Holdings LLC / CCO Holdings Capital Corp.	5.875%	04/01/2024	0.6%
Equinix, Inc.	5.875%	01/15/2026	0.6%
MGM Resorts International	6.000%	03/15/2023	0.5%
AMC Networks, Inc.	4.750%	12/15/2022	0.5%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.	7.125%	06/15/2024	0.5%
Wind Acquisition Finance S.A.	7.375%	04/23/2021	0.5%
Netflix, Inc.	5.875%	02/15/2025	0.5%
MEG Energy Corp.	7.000%	03/31/2024	0.5%
Freeport-McMoRan, Inc.	3.550%	03/01/2022	0.5%
Fresenius Medical Care US Finance II, Inc.	5.875%	01/31/2022	0.5%
First Data Corp.	7.000%	12/01/2023	0.4%
Teck Resources Ltd.	4.750%	01/15/2022	0.4%
Sabine Pass Liquefaction LLC	5.750%	05/15/2024	0.4%
Caesars Entertainment Resort Properties LLC	11.000%	10/01/2021	0.4%
HCA, Inc.	5.875%	03/15/2022	0.4%
Seven Generations Energy Ltd.	8.250%	05/15/2020	0.4%
Windstream Corp.	7.750%	10/15/2020	0.4%
Freeport-McMoRan, Inc.	3.875%	03/15/2023	0.4%
Seven Generations Energy Ltd.	6.750%	05/01/2023	0.4%
QTS Realty Trust, Inc.	5.875%	08/01/2022	0.4%
Qorvo, Inc.	7.000%	12/01/2025	0.4%
Numericable Group S.A.	6.000%	05/15/2022	0.3%
Tenet Healthcare Corp.	6.750%	06/15/2023	0.3%
Mohegan Tribal Gaming Authority	9.750%	09/01/2021	0.3%
Sabine Pass Liquefaction LLC	6.250%	03/15/2022	0.3%
HCA, Inc.	5.250%	06/15/2026	0.3%
Building Materials Corp. of America	5.375%	11/15/2024	0.3%
Hilcorp Energy L.P. / Hilcorp Finance Co.	5.000%	12/01/2024	0.3%
Constellation Brands, Inc.	6.000%	05/01/2022	0.3%
Cenovus Energy, Inc.	6.750%	11/15/2039	0.3%
IHeart Communications, Inc.	9.000%	03/01/2021	0.3%
Micron Technology, Inc.	7.500%	09/15/2023	0.3%
Popular, Inc.	7.000%	07/01/2019	0.3%
WhiteWave Foods Co.	5.375%	10/01/2022	0.3%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.	5.875%	06/15/2021	0.3%
Kinross Gold Corp.	5.950%	03/15/2024	0.3%
Centene Corp.	6.125%	02/15/2024	0.3%
Cowlitz Tribal Gaming Authority	11.500%	12/04/2020	0.3%
Range Resources Corp.	4.875%	05/15/2025	0.3%
Altice Financing S.A.	6.625%	02/15/2023	0.3%
Lundin Mining Corp.	7.875%	11/01/2022	0.3%
Blue Cube Spinco, Inc.	10.000%	10/15/2025	0.3%
William Lyon Homes, Inc.	8.500%	11/15/2020	0.3%
Coeur Mining, Inc.	7.875%	02/01/2021	0.3%
HCA, Inc.	8.360%	04/15/2024	0.3%
Concho Resources, Inc.	5.500%	04/01/2023	0.3%
National Financial Partners Corp.	9.000%	07/15/2021	0.3%
Radian Group, Inc.	7.000%	03/15/2021	0.3%
James Hardie International Finance Ltd.	5.875%	02/15/2023	0.3%
Cablevision Systems Corp.	5.875%	09/15/2022	0.3%
Intesa Sanpaolo SpA	5.710%	01/15/2026	0.3%
GCI, Inc.	6.875%	04/15/2025	0.3%
L Brands, Inc.	6.875%	11/01/2035	0.3%
CST Brands, Inc.	5.000%	05/01/2023	0.3%
Advanced Micro Devices, Inc.	7.500%	08/15/2022	0.3%
Clear Channel Worldwide Holdings, Inc.	6.500%	11/15/2022	0.3%
Sugarhouse HSP Gaming Prop Mezz LP/Fin Corp.	6.375%	06/01/2021	0.2%
Argos Merger Sub, Inc.	7.125%	03/15/2023	0.2%
Dollar Tree, Inc.	5.750%	03/01/2023	0.2%
Midcontinent Communications & Midcontinent Finance	6.875%	08/15/2023	0.2%
The Royal Bank of Scotland Group PLC	7.500%	09/30/2099	0.2%
Unitymedia Hessen GmbH & Co KG	5.000%	01/15/2025	0.2%
Williams Cos., Inc.	4.550%	06/24/2024	0.2%
Ally Financial, Inc.	5.750%	11/20/2025	0.2%
Rockies Express Pipeline LLC	6.875%	04/15/2040	0.2%
Precision Drilling Corp.	5.250%	11/15/2024	0.2%
TI Group Automotive Systems LLC	8.750%	07/15/2023	0.2%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell o	5.000%	06/01/2024	0.2%
Citgo Holding, Inc.	10.750%	02/15/2020	0.2%
Glencore Finance Canada Ltd.	4.250%	10/25/2022	0.2%
RSP Permian, Inc.	6.625%	10/01/2022	0.2%
MasTec, Inc.	4.875%	03/15/2023	0.2%
VTR Finance B.V.	6.875%	01/15/2024	0.2%
Florida East Coast Railway Corp.	6.750%	05/01/2019	0.2%
Carrizo Oil & Gas, Inc.	6.250%	04/15/2023	0.2%
CPG Merger Sub LLC	8.000%	10/01/2021	0.2%
Shingle Springs Tribal Gaming Auth	9.750%	09/01/2021	0.2%
Intelsat Luxembourg S.A.	6.750%	06/01/2018	0.2%
CrownRock L.P./CrownRock Finance, Inc.	7.125%	04/15/2021	0.2%
St Georges Univ	6.250%	06/06/2022	0.2%
Freeport-McMoRan, Inc.	2.300%	11/14/2017	0.2%
Frontier Communications Corp.	9.250%	07/01/2021	0.2%
Cengage Learning, Inc.	9.500%	06/15/2024	0.2%
Kosmos Energy Ltd.	7.875%	08/01/2021	0.2%
HCA, Inc.	7.500%	12/15/2023	0.2%
MSCI, Inc.	5.750%	08/15/2025	0.2%
Banco Popular Espanol SA	11.500%	01/10/2099	0.2%
Telecom Italia SpA	5.303%	05/30/2024	0.2%
Sensata Technologies BV	5.625%	11/01/2024	0.2%
Ashton Woods USA LLC / Ashton Woods Finance Co.	6.875%	02/15/2021	0.2%
TerraForm Power Operating LLC	5.875%	02/01/2023	0.2%
Trinseo Materials Operating SCA	6.750%	05/01/2022	0.2%
Tops Holding LLC / Tops Markets II Corp.	8.000%	06/15/2022	0.2%
Ashland, Inc.	6.875%	05/15/2043	0.2%
CEC Entertainment, Inc.	8.000%	02/15/2022	0.2%
Jonah Energy	7.500%	05/12/2021	0.2%
Jones Energy Holdings LLC	6.750%	04/01/2022	0.2%
Premier Foods Finance plc	6.500%	03/15/2021	0.2%
Rockies Express Pipeline LLC	5.625%	04/15/2020	0.2%
Forum Energy Technologies, Inc.	6.250%	10/01/2021	0.2%
Midas Intermediate Holdco II LLC / Midas Intermedi	7.875%	10/01/2022	0.2%
Sri Lanka (Democratic Socialist Republic of)	6.825%	07/18/2026	0.2%
Gardner Denver, Inc.	6.875%	08/15/2021	0.2%
Springs Industries, Inc.	6.250%	06/01/2021	0.2%
SM Energy Co.	6.500%	11/15/2021	0.2%
Wynn Macau Ltd.	5.250%	10/15/2021	0.2%
WESCO Distribution, Inc.	5.375%	06/15/2024	0.2%
Six Flags Entertainment Corp.	4.875%	07/31/2024	0.2%
NXP BV / NXP Funding LLC	4.625%	06/01/2023	0.2%
WaveDivision Escrow LLC / WaveDivision Escrow Corp	8.125%	09/01/2020	0.2%
New Gold, Inc.	6.250%	11/15/2022	0.2%
Nabors Industries Ltd.	4.625%	09/15/2021	0.2%
Southern Star Central Corp.	5.125%	07/15/2022	0.2%
Neiman Marcus Group Ltd. Inc.	8.000%	10/15/2021	0.2%
Townsquare Media, Inc.	6.500%	04/01/2023	0.2%
KeHE Distributors LLC / KeHE Finance Corp.	7.625%	08/15/2021	0.2%
Oceaneering International, Inc.	4.650%	11/15/2024	0.2%
Vista Outdoor, Inc.	5.875%	10/01/2023	0.2%
Pulte Group, Inc.	5.000%	01/15/2027	0.2%
Tenet Healthcare Corp.	8.125%	04/01/2022	0.2%
Wynn Las Vegas LLC	5.500%	03/01/2025	0.2%
UPCB Finance Ltd.	5.375%	01/15/2025	0.2%
Central Garden & Pet Co.	6.125%	11/15/2023	0.2%
Cemex, S.A.B. de C.V.	7.750%	04/16/2026	0.2%
Surgical Care Affiliates, Inc.	6.000%	04/01/2023	0.2%
NOVA Chemicals Corp.	5.250%	08/01/2023	0.2%
Revlon Escrow Corp.	6.250%	08/01/2024	0.2%
Orbital ATK, Inc.	5.500%	10/01/2023	0.2%
FGI Operating Co. LLC / FGI Finance, Inc.	7.875%	05/01/2020	0.2%
Energy Transfer Equity L.P.	5.500%	06/01/2027	0.2%
Pactiv Corp.	7.950%	12/15/2025	0.2%
Penn National Gaming, Inc.	5.875%	11/01/2021	0.2%
Parsley Energy LLC	7.500%	02/15/2022	0.2%
Gymboree Corp.	5.000%	02/23/2018	0.2%
Royal Caribbean Cruises Ltd.	7.500%	10/15/2027	0.2%
Denbury Resources, Inc.	5.500%	05/01/2022	0.2%
PTC, Inc.	6.000%	05/15/2024	0.2%
Milacron LLC / Mcron Finance Corp.	7.750%	02/15/2021	0.2%
Comcel Trust	6.875%	02/06/2024	0.2%
CNO Financial Group, Inc.	5.250%	05/30/2025	0.2%
Rice Energy, Inc.	6.250%	05/01/2022	0.2%
Coveris Holdings S.A.	7.875%	11/01/2019	0.2%
Infinity Acquisition LLC	7.250%	08/01/2022	0.2%
Hot Topic, Inc.	9.250%	06/15/2021	0.2%
Gates Global LLC	6.000%	07/15/2022	0.2%
Sable International Finance Ltd.	6.875%	08/01/2022	0.2%
MPG Holdco I, Inc.	7.375%	10/15/2022	0.2%
Chemtura Corp.	5.750%	07/15/2021	0.2%
Pride International, Inc.	6.875%	08/15/2020	0.2%
Gulfport Energy Corp.	7.750%	11/01/2020	0.2%
DaVita, Inc.	5.125%	07/15/2024	0.2%
Cogent Communications Group, Inc.	5.375%	03/01/2022	0.2%
Lennar Corp.	4.750%	11/15/2022	0.2%
Hillman Group, Inc.	6.375%	07/15/2022	0.2%
Aleris International, Inc.	9.500%	04/01/2021	0.2%
Continental Resources, Inc.	3.800%	06/01/2024	0.2%
Florida East Coast Railway Corp.	9.750%	05/01/2020	0.2%
Emera, Inc.	6.750%	06/15/2076	0.2%
CDW Corp.	5.000%	09/01/2023	0.2%
Univision Communications, Inc.	5.125%	02/15/2025	0.2%
Watco Cos. LLC / Watco Finance Corp.	6.375%	04/01/2023	0.2%
NSG Holdings LLC / NSG Holdings, Inc.	7.750%	12/15/2025	0.2%
Sensus USA, Inc.	6.500%	03/31/2023	0.2%
DISH DBS Corp.	7.750%	07/01/2026	0.2%
Bluescope Steel Ltd. / Bluescope Steel Finance	6.500%	05/15/2021	0.2%
WCI Communities, Inc.	6.875%	08/15/2021	0.2%
Tesoro Logistics L.P.	6.125%	10/15/2021	0.2%
Britax Childcare	4.500%	10/15/2020	0.2%
Hexion, Inc.	6.625%	04/15/2020	0.2%
WPX Energy, Inc.	6.000%	01/15/2022	0.2%
Provincia de Mendoza Argentina	8.375%	05/19/2024	0.2%
Southern Graphics Systems, Inc.	8.375%	10/15/2020	0.2%
SESI LLC	7.125%	12/15/2021	0.2%
Post Holdings, Inc.	7.750%	03/15/2024	0.2%
BankUnited, Inc.	4.875%	11/17/2025	0.2%
Diamondback Energy, Inc.	7.625%	10/01/2021	0.2%
WPX Energy, Inc.	5.250%	09/15/2024	0.2%
Hecla Mining Co.	6.875%	05/01/2021	0.2%
William Carter Co.	5.250%	08/15/2021	0.2%
NEFF Corp.	7.250%	06/09/2021	0.2%
Grupo Idesa S.A. de C.V.	7.875%	12/18/2020	0.2%
Elwood Energy LLC	8.159%	07/05/2026	0.2%
Weatherford International Ltd. Bermuda	4.500%	04/15/2022	0.2%
Marfrig Holdings Europe B.V.	8.000%	06/08/2023	0.2%
UC Holdings	-	-	0.2%
First Cash Financial Services, Inc.	6.750%	04/01/2021	0.2%
NVIDIA Corp.	1.000%	12/01/2018	0.2%
The Royal Bank of Scotland Group PLC	5.125%	05/28/2024	0.2%
Hearthside Group Holdings LLC	6.500%	05/01/2022	0.2%
SAIC, Inc.	4.450%	12/01/2020	0.2%
Unitymedia Hessen GmbH & Co KG	5.500%	01/15/2023	0.2%
General Cable Corp.	5.750%	10/01/2022	0.2%
Amsurg Corp.	5.625%	07/15/2022	0.2%
NANA Development Corp.	9.500%	03/15/2019	0.2%
Men's Wearhouse, Inc.	7.000%	07/01/2022	0.2%
Imperial Metals Corp.	7.000%	03/15/2019	0.2%
K. Hovnanian Enterprises, Inc.	7.250%	10/15/2020	0.2%
GTL Trade Finance, Inc.	5.893%	04/29/2024	0.2%
Boyd Gaming Corp.	6.875%	05/15/2023	0.2%
Energen Corp.	4.625%	09/01/2021	0.2%
Lloyds Bank plc	12.000%	12/31/2099	0.2%
Braskem Finance Ltd.	6.450%	02/03/2024	0.2%
Pulte Group, Inc.	5.500%	03/01/2026	0.2%
Galaxy Finco Ltd.	7.875%	11/15/2021	0.2%
Scientific Games International, Inc.	10.000%	12/01/2022	0.2%
Intesa Sanpaolo SpA	7.700%	03/17/2099	0.2%
MPH Acquisition Holdings LLC	7.125%	06/01/2024	0.2%
Amazon.com, Inc.	-	-	0.2%
Anglo American Capital plc	3.625%	05/14/2020	0.2%
Manitowoc Foodservice, Inc.	9.500%	02/15/2024	0.2%
Chief Exploration & Dev LLC	7.500%	05/16/2021	0.2%
Microchip Technology, Inc.	1.625%	02/15/2025	0.2%
Cannery Casino Resorts, LLC	12.500%	10/02/2019	0.2%
Caesars Growth Properties Holdings LLC	9.375%	05/01/2022	0.1%
Applied Materials, Inc.	-	-	0.1%
Weatherford International Ltd. Bermuda	7.750%	06/15/2021	0.1%
International Game Technology plc	6.500%	02/15/2025	0.1%
Continental Resources, Inc.	5.000%	09/15/2022	0.1%
United States Steel Corp.	8.375%	07/01/2021	0.1%
Joseph T Ryerson & Son, Inc.	11.000%	05/15/2022	0.1%
SBA Communications Corp.	4.875%	07/15/2022	0.1%
Wayne Merger Sub LLC	8.250%	08/01/2023	0.1%
Norbord, Inc.	6.250%	04/15/2023	0.1%
Gray Television, Inc.	5.875%	07/15/2026	0.1%
PaperWorks Industries, Inc.	9.500%	08/15/2019	0.1%
EMI Music Publishing Group North America Holdings	7.625%	06/15/2024	0.1%
Murphy Oil USA, Inc.	6.000%	08/15/2023	0.1%
Solera Finance, Inc.	10.500%	03/01/2024	0.1%
Brookfield Residential Properties, Inc.	6.500%	12/15/2020	0.1%
J.C. Penney Corp., Inc.	5.650%	06/01/2020	0.1%
Argentina Bonar Bonds	8.750%	05/07/2024	0.1%
American Energy-Permian Basin LLC	13.000%	11/30/2020	0.1%
Alamos Gold, Inc.	7.750%	04/01/2020	0.1%
Jo-Ann Stores LLC	8.125%	03/15/2019	0.1%
Rivers Pittsburgh Borrower L.P./Rivers Pittsburgh	6.125%	08/15/2021	0.1%
Bahia Sul Holdings GmbH	5.750%	07/14/2026	0.1%
FairPoint Communications, Inc.	8.750%	08/15/2019	0.1%
APX Group, Inc.	8.750%	12/01/2020	0.1%
MPLX L.P.	4.500%	07/15/2023	0.1%
T-Mobile USA, Inc.	6.500%	01/15/2024	0.1%
Century Intermediate Holding Co.	9.750%	02/15/2019	0.1%
PDC Energy, Inc.	7.750%	10/15/2022	0.1%
Cinemark USA, Inc.	4.875%	06/01/2023	0.1%
Murray Energy Corp.	7.500%	04/16/2020	0.1%
Steel Dynamics, Inc.	5.125%	10/01/2021	0.1%
Compass Minerals International, Inc.	4.875%	07/15/2024	0.1%
Belo Corp.	7.250%	09/15/2027	0.1%
Carlson Travel Holdings, Inc.	7.500%	08/15/2019	0.1%
TruGreen Limited Partnership	6.500%	04/08/2023	0.1%
BMC Software, Inc.	5.000%	09/10/2020	0.1%
Neenah Paper, Inc.	5.250%	05/15/2021	0.1%
Steel Dynamics, Inc.	5.500%	10/01/2024	0.1%
Carrols Restaurant Group, Inc.	8.000%	05/01/2022	0.1%
Teck Resources Ltd.	8.500%	06/01/2024	0.1%
RCN Telecom Services LLC	8.500%	08/15/2020	0.1%
New Albertson's, Inc.	7.450%	08/01/2029	0.1%
Kaiser Aluminum Corp.	5.875%	05/15/2024	0.1%
Brand Energy & Infrastructure Services Inc	8.500%	12/01/2021	0.1%
Tenet Healthcare Corp.	6.000%	10/01/2020	0.1%
United Rentals, Inc.	6.125%	06/15/2023	0.1%
Building Materials Corp. of America	5.500%	02/15/2023	0.1%
CCO Holdings LLC / CCO Holdings Capital Corp.	5.125%	05/01/2023	0.1%
YPF S.A.	8.500%	07/28/2025	0.1%
Longview Power	7.000%	03/25/2021	0.1%
Eldorado Resorts, Inc.	7.000%	08/01/2023	0.1%
UAL Corp.	6.000%	12/01/2020	0.1%
Anglo American Capital plc	9.375%	04/08/2019	0.1%
US Concrete, Inc.	6.375%	06/01/2024	0.1%
Nationstar Mortgage LLC / Nationstar Capital Corp.	6.500%	07/01/2021	0.1%
Northern Tier Energy LLC / Northern Tier Finance C	7.125%	11/15/2020	0.1%
JBS USA LLC/JBS USA Finance, Inc.	5.875%	07/15/2024	0.1%
Alliance Data Systems, Inc.	6.375%	04/01/2020	0.1%
Virgin Media Finance plc	6.000%	10/15/2024	0.1%
Matador Resources Co.	6.875%	04/15/2023	0.1%
Oasis Petroleum, Inc.	6.875%	03/15/2022	0.1%
FMG Finance Pty Ltd.	9.750%	03/01/2022	0.1%
Brickman Group Hldgs, Inc.	7.500%	12/17/2021	0.1%
Dynagas LNG Partners L.P.	6.250%	10/30/2019	0.1%
VeriSign, Inc.	5.250%	04/01/2025	0.1%
CIT Group, Inc.	5.375%	05/15/2020	0.1%
Hanesbrands, Inc.	4.625%	05/15/2024	0.1%
First Data Corp.	5.750%	01/15/2024	0.1%
MPT Operating Partnership L.P.	5.250%	08/01/2026	0.1%
CSL Capital, LLC	8.250%	10/15/2023	0.1%
Cedar Fair L.P.	5.375%	06/01/2024	0.1%
Enogex LLC	6.250%	03/15/2020	0.1%
Columbus International, Inc.	7.375%	03/30/2021	0.1%
NCI Building Systems, Inc.	8.250%	01/15/2023	0.1%
National Veterinary Associates	8.000%	08/14/2022	0.1%
Zayo Group LLC	6.000%	04/01/2023	0.1%
Glencore Funding LLC	4.125%	05/30/2023	0.1%
Pharmaceutical Product Development LLC	6.375%	08/01/2023	0.1%
Bonanza Creek Energy, Inc.	6.750%	04/15/2021	0.1%
Huntington Ingalls Industries, Inc.	5.000%	11/15/2025	0.1%
Air Canada	8.750%	04/01/2020	0.1%
Ensemble S Merger Sub, Inc.	9.000%	09/30/2023	0.1%
EIF Channelview Cogeneration, LLC (fka GIM Channel	4.250%	05/08/2020	0.1%
Hawaiian Airlines Class B Pass Through Certificate	4.950%	01/15/2022	0.1%
Kosmos Energy Ltd.	7.875%	08/01/2021	0.1%
Nexteer Automotive Group Ltd.	5.875%	11/15/2021	0.1%
Wynn Las Vegas LLC	5.375%	03/15/2022	0.1%
USG Corp.	5.500%	03/01/2025	0.1%
Genesis Energy L.P.	6.750%	08/01/2022	0.1%
Synovus Financial Corp.	7.875%	02/15/2019	0.1%
Cosan Luxembourg SA	7.000%	01/20/2027	0.1%
Kraton Polymers LLC/Capital Corp.	10.500%	04/15/2023	0.1%
Cablevision SA/Argentina	6.500%	06/15/2021	0.1%
NXP BV / NXP Funding LLC	5.750%	03/15/2023	0.1%
CWGS Group	5.750%	02/20/2020	0.1%
Air Medical Merger Sub Corp.	6.375%	05/15/2023	0.1%
Banco de Galicia y Buenos Aires	8.250%	07/19/2026	0.1%
Republic of Argentina	6.875%	04/22/2021	0.1%
Braskem Finance Ltd.	5.375%	05/02/2022	0.1%
Griffon Corp.	5.250%	03/01/2022	0.1%
Pulte Group, Inc.	6.375%	05/15/2033	0.1%
NCL Corp. Ltd.	4.625%	11/15/2020	0.1%
Greektown Holdings LLC	8.875%	03/15/2019	0.1%
Fortescue Metals Group	4.250%	06/30/2019	0.1%
Signode Industrial Group	6.375%	05/01/2022	0.1%
Consol Energy, Inc.	8.000%	04/01/2023	0.1%
Kinross Gold Corp.	5.125%	09/01/2021	0.1%
NES Rentals Holdings, Inc.	7.875%	05/01/2018	0.1%
Land O'Lakes, Inc.	6.000%	11/15/2022	0.1%
Scotts Miracle-Gro Co.	6.000%	10/15/2023	0.1%
Reynolds Group Issuer, Inc.	7.000%	07/15/2024	0.1%
Cemex Finance LLC	6.000%	04/01/2024	0.1%
AECOM	5.875%	10/15/2024	0.1%
Newfield Exploration Co.	5.750%	01/30/2022	0.1%
Hill-Rom Holdings, Inc.	5.750%	09/01/2023	0.1%
GrafTech International Ltd.	6.375%	11/15/2020	0.1%
Hanson plc	10.500%	03/13/2023	0.1%
Sealed Air Corp.	5.125%	12/01/2024	0.1%
Bill Barrett Corp.	7.000%	10/15/2022	0.1%
TreeHouse Foods, Inc.	6.000%	02/15/2024	0.1%
Cheniere Corpus Christi Holdings LLC	7.000%	06/30/2024	0.1%
Nielsen Finance LLC / Nielsen Finance Co.	5.000%	04/15/2022	0.1%
ARC Properties Operating Partnership L.P.	4.600%	02/06/2024	0.1%
ARC Properties Operating Partnership L.P.	4.875%	06/01/2026	0.1%
Arcor	6.000%	07/06/2023	0.1%
Wynn Resorts Ltd.	-	-	0.1%
J.C. Penney Corp., Inc.	5.875%	07/01/2023	0.1%
Mobile Mini, Inc.	5.875%	07/01/2024	0.1%
ONEOK, Inc.	4.250%	02/01/2022	0.1%
Alison US LLC (aka Alstom Auxiliary Components)	9.500%	08/29/2022	0.1%
Pinnacle Foods, Inc.	4.875%	05/01/2021	0.1%
EMG Utica, LLC	4.750%	03/27/2020	0.1%
Edwards Lifesciences Corp.	-	-	0.1%
Kinetic Concepts, Inc. / KCI USA, Inc.	7.875%	02/15/2021	0.1%
SMU S.A.	7.750%	02/08/2020	0.1%
EFS Cogen Holdings I LLC	5.250%	06/08/2023	0.1%
CommScope Technologies Finance LLC	6.000%	06/15/2025	0.1%
PPL Energy Supply LLC	6.500%	06/01/2025	0.1%
Petrobras Argentina SA	7.375%	07/21/2023	0.1%
Teleflex, Inc.	4.875%	06/01/2026	0.1%
LBC Tank Terminals Holding Netherlands BV	6.875%	05/15/2023	0.1%
Communications Sales & Leasing, Inc.	5.000%	10/24/2022	0.1%
Mauser Holdings	8.750%	07/31/2022	0.1%
Frontier Communications Corp.	6.875%	01/15/2025	0.1%
Claire's Stores, Inc.	9.000%	03/15/2019	0.1%
Carmike Cinemas, Inc.	6.000%	06/15/2023	0.1%
Ahern Rentals, Inc.	7.375%	05/15/2023	0.1%
Eldorado Gold Corp.	6.125%	12/15/2020	0.1%
Align Technology, Inc.	-	-	0.1%
Seminole Hard Rock Entertainment, Inc. / Seminole	5.875%	05/15/2021	0.1%
Acadia Healthcare Co., Inc.	6.500%	03/01/2024	0.1%
ROC Finance LLC/ROC Finance 1 Corp.	12.125%	09/01/2018	0.1%
Digicel Ltd.	6.750%	03/01/2023	0.1%
Volcan Cia Minera SAA	5.375%	02/02/2022	0.1%
Pool Corp.	-	-	0.1%
FTS International, Inc.	8.153%	06/15/2020	0.1%
California Resources Corp.	3.000%	09/24/2019	0.1%
American Builders & Contractors Supply Co., Inc.	5.750%	12/15/2023	0.1%
Spark Therapeutics, Inc.	-	-	0.1%
VeriSign, Inc.	4.625%	05/01/2023	0.1%
Brunswick Corp.	4.625%	05/15/2021	0.1%
Energy Transfer Equity L.P.	5.875%	01/15/2024	0.1%
Digicel Group Ltd.	7.125%	04/01/2022	0.1%
Twilio Inc	-	-	0.1%
Holly Energy Partners L.P. / Holly Energy Finance	6.500%	03/01/2020	0.1%
Fresnillo plc	-	-	0.1%
HCA, Inc.	5.250%	04/15/2025	0.1%
MCE Finance Ltd.	5.000%	02/15/2021	0.1%
Blue Racer Midstream LLC	6.125%	11/15/2022	0.1%
Buenos Aires, Argentina	8.950%	02/19/2021	0.1%
Petra Diamonds US Treasury plc	8.250%	05/31/2020	0.1%
Rite Aid Corp.	7.700%	02/15/2027	0.1%
Clayton Williams Energy, Inc.	7.750%	04/01/2019	0.1%
Central American Bottling Corp.	6.750%	02/09/2022	0.1%
Trinidad Drilling Ltd.	7.875%	01/15/2019	0.1%
BakerCorp International, Inc.	8.250%	06/01/2019	0.1%
New Enterprise Stone & Lime Co., Inc.	11.000%	09/01/2018	0.1%
Trimble Navigation Ltd.	-	-	0.1%
Shake Shack, Inc.	-	-	0.1%
Texas Roadhouse, Inc.	-	-	0.1%
Restoration Hardware Holdings, Inc.	0.000%	07/15/2020	0.1%
Surgery Center Holdings, Inc.	8.875%	04/15/2021	0.1%
Newmont Mining Corp.	-	-	0.1%
Stillwater Mining Co.	1.750%	10/15/2032	0.1%
Southwestern Energy Co.	-	01/15/2018	0.1%
Belden, Inc.	-	07/15/2019	0.1%
Oxbow Carbon & Mineral	8.000%	01/17/2020	0.1%
Universal Forest Products, Inc.	-	-	0.1%
Silver Wheaton Corp.	-	-	0.1%
Paramount Resources Ltd.	6.875%	06/30/2023	0.1%
Hema Bondco I BV	6.250%	06/15/2019	0.1%
Playa Resorts Holding BV	8.000%	08/15/2020	0.1%
Nemak S.A.B. de C.V.	5.500%	02/28/2023	0.1%
National Savings Bank	8.875%	09/18/2018	0.1%
Jurassic Holdings III, Inc.	6.875%	02/15/2021	0.1%
J. Crew Group, Inc.	4.000%	03/05/2021	0.1%
Toll Brothers Finance Corp.	4.375%	04/15/2023	0.1%
Facebook, Inc.	-	-	0.1%
Intuitive Surgical, Inc.	-	-	0.1%
Angolan Government International Bond	9.500%	11/12/2025	0.1%
Take-Two Interactive Software, Inc.	1.000%	07/01/2018	0.1%
LGI Homes, Inc.	4.250%	11/15/2019	0.1%
Monster Beverage Corp.	-	-	0.1%
Buenos Aires, Argentina	7.500%	06/01/2027	0.1%
ABIOMED, Inc.	-	-	0.1%
ClubCorp Club Operations, Inc.	8.250%	12/15/2023	0.1%
Ollie's Bargain Outlet Holdings Inc	-	-	0.1%
Reynolds Group Issuer, Inc.	5.750%	10/15/2020	0.1%
Proofpoint, Inc.	1.250%	12/15/2018	0.1%
Moxie Liberty LLC	7.500%	08/21/2020	0.1%
Belden, Inc.	5.500%	09/01/2022	0.1%
Veeva Systems, Inc.	-	-	0.1%
Kansas City Southern	-	-	0.1%
Mead Johnson Nutrition Co.	-	-	0.1%
Blue Buffalo Pet Products, Inc.	-	-	0.1%
Acadia Healthcare Co., Inc.	6.125%	03/15/2021	0.1%
Mercadolibre, Inc.	2.250%	07/01/2019	0.1%
Mueller Water Products, Inc.	-	-	0.1%
Surgical Care Affiliates, Inc.	-	-	0.1%
YPF S.A.	8.500%	03/23/2021	0.1%
Chesapeake Energy Corp.	2.500%	05/15/2037	0.1%
Granite Construction, Inc.	-	-	0.1%
Alliance Data Systems, Inc.	5.375%	08/01/2022	0.1%
Tronox Finance LLC	6.375%	08/15/2020	0.1%
James River Group Holdings Ltd	-	-	0.1%
Cullen/Frost Bankers, Inc.	-	-	0.1%
Nevro Corp.	1.750%	06/01/2021	0.1%
Silicon Motion Technology Corp.	-	-	0.1%
William Lyon Homes	-	12/01/2017	0.1%
Block Communications, Inc.	7.250%	02/01/2020	0.1%
Seven Generations Energy Ltd.	-	-	0.1%
Goldcorp, Inc.	-	-	0.1%
BlueLine Rental Finance Corp.	7.000%	02/01/2019	0.1%
FMG Finance Pty Ltd.	6.875%	04/01/2022	0.1%
Tesoro Logistics L.P.	6.250%	10/15/2022	0.1%
Bumble Bee Holdco S.C.A/Inc.	9.625%	03/15/2018	0.1%
Amplify Snack Brands, Inc.	-	-	0.1%
Access Midstream Partners L.P.	4.875%	05/15/2023	0.1%
ADS Waste Holdings, Inc.	8.250%	10/01/2020	0.1%
PF Chang's China Bistro, Inc.	10.250%	06/30/2020	0.1%
Vulcan Materials Co.	-	-	0.1%
FCB Financial Holdings, Inc.	-	-	0.1%
Tullow Oil plc	6.000%	11/01/2020	0.1%
Southwestern Energy Co.	4.950%	01/23/2025	0.1%
Churchill Downs, Inc.	5.375%	12/15/2021	0.1%
Ensco plc	5.200%	03/15/2025	0.1%
Kraton Performance Polymers, Inc.	6.000%	01/06/2022	0.1%
Cogeco Cable, Inc.	4.875%	05/01/2020	0.1%
JMC Steel Group	9.875%	06/15/2023	0.1%
IFM US Colonial Pipeline 2 LLC	6.450%	05/01/2021	0.1%
Apex Tool Group LLC	7.000%	02/01/2021	0.1%
Fairmount Minerals	4.500%	09/05/2019	0.1%
Graphic Packaging Holding Co.	4.750%	04/15/2021	0.1%
Hanesbrands, Inc.	4.875%	05/15/2026	0.1%
Air Canada 2015-2 Class B Pass Through Trust	5.000%	12/15/2023	0.1%
Global Brass & Copper Holdings, Inc.	-	-	0.1%
Ardagh Packaging Finance plc / Ardagh MP Holdings	7.250%	05/15/2024	0.1%
Albemarle Corp.	-	-	0.1%
Diamond Offshore Drilling, Inc.	4.875%	11/01/2043	0.1%
Vail Resorts, Inc.	-	-	0.1%
Eclipse Resources Corp.	8.875%	07/15/2023	0.1%
William Lyon Homes, Inc.	7.000%	08/15/2022	0.1%
Wind Acquisition Finance S.A.	4.750%	07/15/2020	0.1%
PNK Entertainment, Inc.	5.625%	05/01/2024	0.1%
Southern States Cooperative, Inc.	10.000%	08/15/2021	0.1%
Worthington Industries, Inc.	-	-	0.1%
Province of Neuquen	8.625%	05/12/2028	0.1%
Ellie Mae, Inc.	-	-	0.1%
Beacon Roofing Supply, Inc.	6.375%	10/01/2023	0.1%
Sterigenics-Nordion Holdings LLC	6.500%	05/15/2023	0.1%
TransDigm, Inc.	6.500%	07/15/2024	0.1%
Thompson Creek Metals Co., Inc.	7.375%	06/01/2018	0.1%
Berry Plastics Corp.	5.125%	07/15/2023	0.1%
Huntsman International LLC	5.125%	11/15/2022	0.1%
CPI International Acquisition, Inc.	8.750%	02/15/2018	0.1%
Badger Meter Inc	-	-	0.1%
Hughes Satellite Systems Corp.	7.625%	06/15/2021	0.1%
DuPont Fabros Technology, Inc.	5.625%	06/15/2023	0.1%
BWAY Holding Co.	9.125%	08/15/2021	0.1%
Republic of Argentina	7.500%	04/22/2026	0.1%
Quintiles Transnational Corp.	4.875%	05/15/2023	0.1%
Dave & Buster's Entertainment, Inc.	-	-	0.1%
International Automotive Components Group S.A.	9.125%	06/01/2018	0.1%
Container Store	4.250%	04/06/2019	0.1%
Yonkers Racing Corp.	7.500%	08/20/2020	0.1%
Performance Food Group, Inc.	5.500%	06/01/2024	0.1%
QEP Resources, Inc.	6.875%	03/01/2021	0.1%
Vingroup JSC	11.625%	05/07/2018	0.1%
Hi-Crush Partners LP	4.750%	04/28/2021	0.1%
Glob Brass and Copper, Inc.	5.250%	06/16/2023	0.1%
Riverbed Technology, Inc.	8.875%	03/01/2023	0.1%
ATS Automation Tooling Systems, Inc.	6.500%	06/15/2023	0.1%
Stonegate Pub Company Financing PLC	5.750%	04/15/2019	0.1%
CH Hold Corp.	6.250%	11/20/2019	0.1%
Churchill Downs, Inc.	5.375%	12/15/2021	0.1%
YRC Worldwide Inc.	8.000%	02/13/2019	0.1%
Momentive Performance Materials, Inc.	3.880%	10/24/2021	0.1%
Cable One, Inc.	5.750%	06/15/2022	0.1%
PBF Logistics Finance Corp.	6.875%	05/15/2023	0.1%
Edgewell Personal Care Co.	4.700%	05/24/2022	0.1%
Delta 2 (Lux) S.a r.l (aka Formula One)	7.750%	07/29/2022	0.1%
Columbia Sportswear Co	-	-	0.1%
ALZA Corp.	0.000%	07/28/2020	0.1%
The Royal Bank of Scotland Group PLC	6.100%	06/10/2023	0.1%
DH Services Luxembourg Sarl	7.750%	12/15/2020	0.1%
Chesapeake Energy Corp.	6.500%	08/15/2017	0.1%
Gibson Brands, Inc.	8.875%	08/01/2018	0.1%
Consolidated Communications, Inc.	6.500%	10/01/2022	0.1%
Telefonica Celular del Paraguay SA	6.750%	12/13/2022	0.1%
Caesars Entertainment Resort Properties, LLC	7.000%	10/11/2020	0.1%
Silver II Borrower / Silver II US Holdings LLC	7.750%	12/15/2020	0.1%
Informatica Corp.	7.125%	07/15/2023	0.1%
Aleris International, Inc.	7.875%	11/01/2020	0.1%
American Greetings Corp.	7.375%	12/01/2021	0.1%
Arcos Dorados Holdings, Inc.	6.625%	09/27/2023	0.1%
Consolidated Container	5.000%	07/03/2019	0.1%
HD Supply, Inc.	5.750%	04/15/2024	0.1%
David's Bridal	5.000%	10/11/2019	0.1%
Commercial Metals Co.	4.875%	05/15/2023	0.1%
ATI Physical Therapy Hldgs LLC	5.500%	04/21/2023	0.1%
Sanchez Energy Corp.	6.125%	01/15/2023	0.1%
ADS Tactical, Inc.	11.000%	04/01/2018	0.1%
GLP Capital L.P. / GLP Financing II, Inc.	5.375%	04/15/2026	0.1%
Precision Drilling Corp.	6.500%	12/15/2021	0.1%
Lamar Media Corp.	5.750%	02/01/2026	0.1%
Ingles Markets, Inc.	5.750%	06/15/2023	0.1%
American Tire Distributors, Inc.	10.250%	03/01/2022	0.1%
Masonite International Corp.	5.625%	03/15/2023	0.1%
GCP Applied Technologies, Inc.	9.500%	02/01/2023	0.1%
Unifrax I LLC / Unifrax Holding Co.	7.500%	02/15/2019	0.1%
Atkore Int'l, Inc.	7.750%	10/09/2021	0.1%
Consolidated Container Co. LLC/Consolidated Contai	10.125%	07/15/2020	0.1%
Dynacast International LLC	9.500%	01/30/2023	0.1%
Silgan Holdings, Inc.	5.500%	02/01/2022	0.1%
Associated Asphalt Partners LLC/Road Holdings III	8.500%	02/15/2018	0.1%
Mediacom Communications Corp.	7.250%	02/15/2022	0.1%
MGM Resorts International	7.750%	03/15/2022	0.1%
Grifols Worldwide Operations Ltd.	5.250%	04/01/2022	0.1%
WMG Acquisition Corp.	5.000%	08/01/2023	0.1%
Sirius XM Radio, Inc.	6.000%	07/15/2024	0.1%
Hologic, Inc.	5.250%	07/15/2022	0.1%
Cia Minera Milpo SAA	4.625%	03/28/2023	0.1%
Allegion plc	5.875%	09/15/2023	0.1%
Equinix, Inc.	5.375%	04/01/2023	0.1%
Panda Temple Power LLC	7.250%	03/06/2022	0.1%
EZE Software Group LLC	7.250%	04/05/2021	0.1%
Summit Materials LLC	6.125%	07/15/2023	0.1%
Kinetic Concepts, Inc. / KCI USA, Inc.	10.500%	11/01/2018	0.1%
ConvaTec Finance International SA	8.250%	01/15/2019	0.1%
MEDNAX, Inc.	5.250%	12/01/2023	0.1%
BakerCorp	4.250%	02/07/2020	0.1%
Navient Corp.	6.625%	07/26/2021	0.1%
BI-LO LLC	9.250%	02/15/2019	0.1%
Centene Corp.	5.625%	02/15/2021	0.1%
Air Canada	7.750%	04/15/2021	0.1%
Chassix, Inc.	12.000%	07/29/2019	0.1%
Holly Energy Partners L.P. / Holly Energy Finance	6.000%	08/01/2024	0.1%
Inphi Corp.	1.125%	12/01/2020	0.1%
HCA, Inc.	7.690%	06/15/2025	0.1%
Builders FirstSource, Inc.	7.625%	06/01/2021	0.1%
New Albertson's, Inc.	7.750%	06/15/2026	0.1%
FAGE International SA/ FAGE USA Dairy Industry Inc	5.625%	08/15/2026	0.1%
Graphic Packaging Holding Co.	4.875%	11/15/2022	0.1%
AES Red Oak LLC	8.540%	11/30/2019	0.1%
American Equity Investment Life Holding Co.	6.625%	07/15/2021	0.1%
Sinclair Broadcast Group, Inc.	5.625%	08/01/2024	0.1%
XPO Logistics, Inc.	7.875%	09/01/2019	0.1%
Sandy Creek Energy Associates	5.000%	11/09/2020	0.1%
Brown Shoe Co., Inc.	6.250%	08/15/2023	0.1%
Sealed Air Corp.	4.875%	12/01/2022	0.1%
CCM Merger, Inc.	9.125%	05/01/2019	0.1%
Yamana Gold, Inc.	4.950%	07/15/2024	0.1%
Hub International Ltd.	9.250%	02/15/2021	0.1%
New Albertson's, Inc.	8.000%	05/01/2031	0.1%
Ameren Energy Generating Co.	7.000%	04/15/2018	0.1%
Cenovus Energy, Inc.	5.200%	09/15/2043	0.1%
Micron Technology, Inc.	5.250%	08/01/2023	0.1%
Post Holdings, Inc.	8.000%	07/15/2025	0.1%
Genesis Energy L.P.	5.625%	06/15/2024	0.1%
Fairway Group Acquisition Company	5.000%	08/17/2018	0.1%
JD Power & Associates	9.500%	06/09/2024	0.1%
Rock Ohio Caesars	5.000%	06/20/2019	0.1%
Sotheby's	5.250%	10/01/2022	0.1%
Vander Intermediate Holding II Corp.	9.750%	02/01/2019	0.1%
FTS International	5.750%	04/16/2021	0.1%
Rice Energy, Inc.	-	-	0.1%
MPLX L.P.	5.500%	02/15/2023	0.1%
National Savings Bank	5.150%	09/10/2019	0.1%
Equinox Holdings Inc.	9.750%	07/31/2020	0.1%
Serta Simmons Holdings LLC	8.125%	10/01/2020	0.1%
First Data Corp.	5.000%	01/15/2024	0.1%
AES Red Oak LLC	9.200%	11/30/2029	0.1%
The Royal Bank of Scotland Group PLC	6.000%	12/19/2023	0.1%
Carrizo Oil & Gas, Inc.	7.500%	09/15/2020	0.1%
Berlin Packaging LLC	7.750%	09/30/2022	0.1%
Live Nation Entertainment, Inc.	2.500%	05/15/2019	0.1%
Talend SA	-	-	0.1%
Ply Gem Industries, Inc.	6.500%	02/01/2022	0.1%
Hexion, Inc.	8.875%	02/01/2018	0.1%
MGM Growth Properties Operating Partnership LP / M	5.625%	05/01/2024	0.1%
Teck Resources Ltd.	3.000%	03/01/2019	0.1%
W.R. Grace & Co.-Conn.	5.125%	10/01/2021	0.1%
XPO Logistics, Inc.	6.500%	06/15/2022	0.1%
Builders FirstSource, Inc.	10.750%	08/15/2023	0.1%
Triumph Group, Inc.	5.250%	06/01/2022	0.1%
Teck Resources Ltd.	-	-	0.1%
Permian Resources LLC / AEPB Finance Corp	8.000%	06/15/2020	0.1%
CDW Corp.	5.500%	12/01/2024	0.1%
Acadia Healthcare Co., Inc.	5.625%	02/15/2023	0.1%
Sedgwick Claims Management Services, Inc.	6.750%	02/28/2022	0.1%
AES Corp.	5.500%	04/15/2025	0.1%
Altice Finco S.A.	8.125%	01/15/2024	0.1%
T-Mobile USA, Inc.	6.731%	04/28/2022	0.1%
Acacia Communications, Inc.	-	-	0.1%
Seattle Genetics, Inc.	-	-	0.1%
Building Materials Corp. of America	6.000%	10/15/2025	0.1%
Boardriders SA	9.500%	12/15/2020	0.1%
CyrusOne L.P. / CyrusOne Finance Corp.	6.375%	11/15/2022	0.1%
Parsley Energy LLC	6.250%	06/01/2024	0.1%
ACADIA Pharmaceuticals, Inc.	-	-	0.1%
DexCom, Inc.	-	-	0.1%
Prestige Brands, Inc.	6.375%	03/01/2024	0.1%
Communications Sales & Leasing, Inc.	-	-	0.1%
Hudson Products	5.000%	03/15/2019	0.1%
Panda Temple Power LLC	7.250%	04/03/2019	0.1%
Braskem Finance Ltd.	5.750%	04/15/2021	0.1%
Rexnord Holdings, Inc.	-	-	0.1%
MSCI, Inc.	-	-	0.1%
Fresenius Medical Care US Finance II, Inc.	4.750%	10/15/2024	0.1%
T-Mobile USA, Inc.	6.375%	03/01/2025	0.1%
US Concrete Inc	-	-	0.1%
HCA, Inc.	7.500%	02/15/2022	0.1%
Arista Networks, Inc.	-	-	0.1%
Wendy's International, Inc.	7.000%	12/15/2025	0.0%
US Silica Holdings, inc.	-	-	0.0%
Kissner Milling Co Ltd.	7.250%	06/01/2019	0.0%
Pebblebrook Hotel Trust	-	-	0.0%
VCA Antech, Inc.	-	-	0.0%
Scotts Miracle-Gro Co.	-	-	0.0%
Texas Capital Bank NA/Dallas TX	5.250%	01/31/2026	0.0%
Mosaic Co.	-	-	0.0%
CSL Capital, LLC	6.000%	04/15/2023	0.0%
Tesla Motors, Inc.	0.250%	03/01/2019	0.0%
CIT Group, Inc.	6.000%	04/01/2036	0.0%
Reliance Steel & Aluminum Co.	-	-	0.0%
Huntington Ingalls Industries, Inc.	5.000%	12/15/2021	0.0%
Tonon Luxembourg S.A.	10.500%	05/14/2024	0.0%
Kate Spade & Co.	-	-	0.0%
Cemex, S.A.B. de C.V.	3.720%	03/15/2020	0.0%
BroadSoft, Inc.	1.000%	09/01/2022	0.0%
Energy Future Intermediate Holding Co. LLC / EFIH	11.250%	12/01/2018	0.0%
Green Plains Renewable Energy, Inc.	3.250%	10/01/2018	0.0%
RPC, Inc.	-	-	0.0%
Ameren Energy Generating Co.	7.950%	06/01/2032	0.0%
Gulfport Energy Corp.	6.625%	05/01/2023	0.0%
Patterson-UTI Energy, Inc.	-	-	0.0%
Helmerich & Payne, Inc.	-	-	0.0%
Wave Holdco LLC	8.250%	07/15/2019	0.0%
Valvoline, Inc.	5.500%	07/15/2024	0.0%
Consol Energy, Inc.	5.875%	04/15/2022	0.0%
Callon Petroleum Co	-	-	0.0%
AES Corp.	7.375%	07/01/2021	0.0%
Ply Gem Industries, Inc.	6.500%	02/01/2022	0.0%
Millar Western Forest Products Ltd.	8.500%	04/01/2021	0.0%
SESI LLC	6.375%	05/01/2019	0.0%
Gol LuxCo SA	8.875%	01/24/2022	0.0%
Lennar Corp.	4.750%	05/30/2025	0.0%
CrownRock L.P./CrownRock Finance, Inc.	7.750%	02/15/2023	0.0%
Unitymedia GmbH	6.125%	01/15/2025	0.0%
Morgan Stanley Capital I Trust	5.510%	07/15/2056	0.0%
Tesoro Logistics L.P.	5.500%	10/15/2019	0.0%
Duke Finance LLC	7.000%	10/28/2021	0.0%
Templar Energy LLC	8.500%	11/25/2020	0.0%
Chaparral Energy, Inc.	8.250%	09/01/2021	0.0%
AVSC Holding Corp.	9.250%	01/24/2022	0.0%
Callon Petroleum Co.	8.500%	10/08/2021	0.0%
Sedgwick Claims Management Services, Inc.	6.750%	02/28/2022	0.0%
FTS International, Inc.	6.250%	05/01/2022	0.0%
Ultrapetrol Bahamas Ltd.	8.875%	06/15/2021	0.0%
AMAG Pharmaceuticals, Inc.	7.875%	09/01/2023	0.0%
Dutch Lion BV	11.250%	06/15/2020	0.0%
Anglo American Capital plc	4.875%	05/14/2025	0.0%
Gerdau Trade, Inc.	4.750%	04/15/2023	0.0%
Fairmount Minerals	4.500%	09/05/2019	0.0%
Chesapeake Energy Corp.	7.250%	12/15/2018	0.0%
Energy Future Intermediate Holding Co. LLC / EFIH	0.000%	12/01/2020	0.0%
Gibraltar Industries, Inc.	6.250%	02/01/2021	0.0%
FX USD/EUR 08/16	-	08/16/2016	0.0%
Credit Default Swap	5.000%	03/20/2019	0.0%
Mirabela Nickel Ltd.	-	-	0.0%
FX USD/EUR 08/16	-	08/16/2016	0.0%
Penson Technologies LLC	-	-	0.0%
FX USD/EUR 08/16	-	08/16/2016	0.0%
Afren plc	6.625%	12/09/2020	0.0%
Afren plc	10.250%	04/08/2019	0.0%
FX USD/CAD 08/16	-	08/19/2016	0.0%
FX EUR/USD 08/16	-	08/16/2016	0.0%
US 10YR NOTE (CBT)SEP16	0.000%	09/30/2016	0.0%
US LONG BOND(CBT) SEP16	0.000%	09/30/2016	0.0%
US 5YR NOTE (CBT) SEP16	0.000%	10/05/2016	0.0%
General Motors Co.	7.200%	01/15/2049	0.0%
Mirabela Nickel Ltd.	1.000%	09/16/2044	0.0%
Momentive Performance Escrow	0.000%	12/31/2049	0.0%
FX EUR/USD 08/16	-	08/16/2016	0.0%
FX USD/EUR 08/16	-	08/16/2016	0.0%
FX EUR/USD 08/16	-	08/16/2016	0.0%
FX USD/GBP 10/16	-	10/19/2016	0.0%
FX USD/EUR 11/16	-	11/16/2016	0.0%
FX USD/GBP 10/16	-	10/19/2016	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 09/27/2016: $0.289
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	08/31/2016	$0.03705	$7.46
Daily	Daily	07/31/2016	$0.03679	$7.35
Daily	Daily	06/30/2016	$0.03691	$7.19
Daily	Daily	05/31/2016	$0.03719	$7.15
Daily	Daily	04/30/2016	$0.03665	$7.12
Daily	Daily	03/31/2016	$0.03561	$6.92
Daily	Daily	02/29/2016	$0.03492	$6.70
Daily	Daily	01/31/2016	$0.03487	$6.71

Upcoming Dividend Payment Dates

Record Date	Ex-Dividend Date	Reinvest & Payable Date
Daily	Daily	09/30/2016
Daily	Daily	10/31/2016
Daily	Daily	11/30/2016
Daily	Daily	12/31/2016

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
12/18/2014	12/19/2014	$0.0899	$0.0792	$0.1691	$7.44

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor.

Upcoming Capital Gain Distribution

Record Date	Ex-Dividend Date
12/15/2016	12/16/2016

Fees & Expenses

Sales Charge Schedule as of 09/27/2016

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$7.61
$100,000 to $249,999	1.75%	1.50%	$7.57
$250,000 to $499,999	1.25%	1.00%	$7.53
$500,000 to $999,999	0.00%	1.00%	$7.44
$1,000,000 to $5,000,000	0.00%	1.00%	$7.44

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers Click here.

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

Rights of Accumulation - A purchaser may combine the value of Class A, B, C, F, and P shares of any eligible fund currently owned with a new purchase of Class A shares of any eligible fund in order to reduce the sales charge on the new purchase. Class I, R2, and R3 share holdings may not be combined for these purposes.

To the extent that your financial intermediary is able to do so, the value of Class A, B, C, F, and P shares of eligible funds determined for the purpose of reducing the sales charge of a new purchase under the Rights of Accumulation will be calculated at the higher of: 1) the aggregate current maximum offering price of your existing Class A, B, C, F, and P shares of eligible funds or 2) the aggregate amount you invested in such shares (including dividend reinvestments but excluding capital appreciation) less any withdrawals. You should retain any information and account records necessary to substantiate the historical amounts you and any related purchasers have invested in eligible funds. You must inform a fund and/or your financial intermediary at the time of purchase if you believe your purchase qualifies for a reduced sales charge; you may be requested to provide documentation of your holdings in order to verify your eligibility. If you do not do so, you may not receive all sales charge reductions for which you are eligible.
Letter of Intention — In order to reduce your Class A front-end sales charge, a purchaser may combine purchases of Class A, B, C, F, and P shares of any eligible fund the purchaser intends to make over the next 13 months in determining the applicable sales charge. The 13-month Letter of Intention period commences on the day that the Letter of Intention is received by a fund, and the purchaser must tell a fund that later purchases are subject to the Letter of Intention. Purchases submitted prior to the date the Letter of Intention is received by a fund are not counted toward the sales charge reduction. Current holdings under Rights of Accumulation may be included in a Letter of Intention in order to reduce the sales charge for purchases during the 13-month period covered by the Letter of Intention. Shares purchased through reinvestment of dividends or distributions are not included. Class I, R2, and R3 share holdings may not be combined for these purposes. Class A shares valued at 5% of the amount of intended purchases are escrowed and may be redeemed to cover the additional sales charges payable if the intended purchases under the Letter of Intention is not completed. The Letter of Intention is neither a binding obligation on you to buy nor on a fund to sell any or all of an intended purchase amount.

Purchaser — A purchaser includes: 1) an individual; 2) an individual, his or her spouse, and children under the age of 21; 3) retirement and benefit plans, including a 401(k) plan, profit-sharing plan, money purchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, nonprofit organization, school district, or church to which employer contributions are made, as well as SIMPLE IRA plans and SEP-IRA plans; or 4) a trustee or other fiduciary purchasing shares for a single trust, estate, or single fiduciary account. An individual may include under item (1) his or her holdings in eligible funds as described above in IRAs, as a sole participant of a retirement and benefit plan sponsored by the individual's business, and as a participant in a 403(b) plan to which only pretax salary deferrals are made. An individual and his or her spouse may include under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit plans sponsored by a business owned by either or both of them. A retirement and benefit plan under item (3) includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries, and all qualified retirement and benefit plans of multiple employers registered in the name of a single bank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

purchases of $1 million or more (may be subject to a CDSC);
purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

Expense Ratioas of 08/31/2016

Expense ratio details, Click here.

Fund Review

Market Review as of 06/30/2016

Major categories of U.S. fixed income securities posted positive returns for the second quarter of 2016, with high yield credit outperforming investment grade bonds, driven by the recovery in commodity prices and the continued search for yield. Volatility increased towards the end of the quarter, capped off by the United Kingdom’s decision to exit the European Union. After side-stepping for the most part the landmine that was “Brexit,” securities markets grinded higher into the end of the quarter, buoyed by accommodative central banks.

Following its policy meeting on June 14–15, the U.S. Federal Reserve (Fed) released a statement indicating that the pace of improvement in the labor market had slowed, noting that job gains had diminished despite the lower unemployment rate. On the other side, growth in economic activity appeared to have picked up, driven by growth in household spending. The Fed again noted that inflation is expected to remain low in the near term, in part because of earlier declines in energy prices, but is expected to rise to 2% over the medium term as the transitory effects of past declines in energy and import prices dissipate and the labor market strengthens further. During the June meeting, the Fed decided to maintain its target for the Federal Funds Rate in the range of 0.25–0.50%, and declared “the stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2% inflation.”¹ Fed policymakers’ median projected estimate for the fed funds fell to 0.9% for the end of 2016.²

U.S. inflation continued to struggle in reaching the Fed’s 2% inflation target, as the overall Consumer Price Index (CPI)³ increased just 1.0% over the 12-month period ended May 2016. CPI (excluding food and energy prices) increased 2.2% over the same 12-month period.⁴

The U.S. Bureau of Labor Statistics reported that non-farm payrolls increased by just 38,000 in May, below the trailing three-month average monthly gain of 116,000. The change in total nonfarm payroll employment for March and April were also revised lower, resulting in employment gains that were 59,000 less than had been previously reported over these two months. Despite the slowing pace of job growth, the unemployment rate declined from 5.0 to 4.7%.⁵

U.S. Treasuries (as represented by the BofA Merrill Lynch U.S. Treasury Index⁶) posted a return of 2.24% for the three-month period ended June 30, 2016. The high yield bond market (as represented by the BofA Merrill Lynch U.S. High Yield Constrained Index⁷) posted a positive return of 5.88% for the quarter, and is now positive 9.32% year to date. The floating rate loan market (as represented by the Credit Suisse Leveraged Loan Index⁸) returned 2.86%, outperforming the broad Barclays U.S. Aggregate Bond Index⁹, with performance driven by lower rated loans. The convertible bond market (as represented by the BofA Merrill Lynch All Convertibles, All Qualities Index¹⁰) returned 3.63%, also benefitting from a rally in risk assets.

Among higher credit quality securities, investment grade corporate debt (as represented by the Barclays U.S. Corporate Bond Index¹¹) posted a return of 3.57%. Corporate bond spreads continued to tighten during the quarter from the wide levels reached in early February, a period of extreme risk aversion. Agency mortgage-backed securities (as represented by the Barclays MBS Index¹²) returned 1.11%. Commercial MBS (CMBS) (as represented by the Barclays U.S. CMBS Investment Grade Index¹³) returned 2.22%.

The municipal bond market (as represented by the BofA Merrill Lynch U.S. Municipal Securities Index¹⁴) posted a 2.72% return, outperforming the BofA Merrill Lynch U.S. Treasury Index, even before accounting for the tax exempt status of municipal bonds. Overall creditworthiness in the municipal bond market continues to improve, as most states’ finances experienced rising revenues, while maintaining balanced budgets.

Within emerging markets, the major drivers of strong performance included a dovish Fed, a weaker U.S. dollar, and a strong rally in commodity prices. Thus, U.S. dollar-denominated emerging markets corporate debt (as measured by the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified Index¹⁵)returned 3.33%, underperforming most U.S.-centric, fixed income asset classes.

According to J.P. Morgan Securities, high yield new issue volume tapered somewhat in June with the Brexit vote serving as an overhang. High yield issuance totaled $104.1 billion for second quarter 2016, which was a 19% decrease from the year-ago quarter, but a 103% improvement from the first quarter of 2016. June’s institutional loan issuance was the heaviest in more than three years, reaching $73.0 billion, a by-product of a big increase in re-pricing and refinancing activity. Institutional loan volume has climbed, to $161.0 billion year to date, compared with $207.5 billion a year ago. Default activity fell in June, to a year-to-date-low, as two companies defaulted, totaling $1.4 billion. This marked the lowest number of defaults since October 2015, and is the third consecutive month-over-month decline. Year to date, 37 companies have defaulted, with debt totaling $43.8 billion ($35.2 billion in bonds and $8.6 billion in loans), which is already 16% higher than full-year 2015’s $37.7 billion of total default volume. It should be noted that default activity has been driven by companies in the energy and metals/mining sectors, with over 80% of this year’s default volume coming from commodity-related names, according to J.P. Morgan Securities.

Fund Review as of 06/30/2016

The Fund* underperformed its benchmark, the BofA Merrill Lynch U.S. High Yield Constrained Index,⁷ for the quarter ended June 30, 2016.

Although volatility in the credit markets remained elevated in the second quarter, especially with the surprise decision by the United Kingdom to exit the European Union, high-yield bonds posted strong gains during the quarter, outperforming the majority of fixed income asset classes. We believe volatility may continue as markets digest further political and economic uncertainty surrounding the Brexit decision, its impact on global growth, and the implications for central bank policy.

The Fund remains underweight the health care and telecom sectors, relative to its benchmark, the BofA Merrill Lynch U.S. High Yield Constrained Index. Concerns relating to the pharmaceutical industry and a loss of earnings momentum in hospitals drove the decision to underweight health care during the quarter, while competitive pressures within the telecom space compelled an underweight therein. We continued to add to the overweight in the energy sector. We have found opportunities in select exploration and production companies trading at attractive valuations.

Security selection within the telecom and gas distribution sectors detracted from relative performance. An overweight to the gaming sector also detracted, as the sector posted weak performance, relative to the broader high yield market during the quarter. On a relative basis, the metals and mining and banking sectors contributed to performance. The Fund’s overweight to metals and mining, in addition to security selection within the banking sector, contributed on a relative basis. In addition, security selection within the cable and satellite TV sector contributed to relative performance.

Please refer to www.lordabbett.com under the “Portfolio” tab for a complete list of holdings of the Fund, including the securities discussed above.

Outlook

The United Kingdom’s decision to depart from the European Union has introduced a great deal of uncertainty into the market; as such, we believe central banks will remain accommodative in order to stabilize markets and foster global growth. Further accommodation and a global search for yield should benefit risk assets, as long as central bank actions remain consistent with one another. Although fears have abated to a degree about China’s economic slowdown, and the possibility of disruptive currency devaluation, the economic situation there remains another area of uncertainty. The Chinese economy is a critical component of the global economy, and particularly for the Asian region. Further instability has the potential to disrupt global markets.

Broadly speaking, we remain generally optimistic that the U.S. economy will continue to grow at a steady, albeit subpar, pace. We still view credit-sensitive sectors of the market as representing attractive relative value, although we do believe that there is the potential for episodes of further spread widening, as the market continues to struggle with low global growth. We maintain a modest overweight to ‘CCC’ credits that have attractive valuations. In addition, we like the energy and basic materials sectors, where valuations present attractive opportunities, as many companies in the space are focused on healing their balance sheets due to improving supply demand imbalance.

*Class A Share at net asset value (NAV). For the latest NAV, including maximum sales charges (MOP) performance information, visit us at lordabbett.com. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted.

¹“Press Release—Federal Reserve Issues FOMC Statement," Federal Reserve, June 15, 2016.

²“Economic Projections of Federal Reserve Board Members and Federal Reserve Bank Presidents, June 2016,” Federal Reserve, June 15, 2016.

³The Consumer Price Index (CPI) measures the price changes for each item in a predetermined basket of goods and services, and the inputs are weighted according to their importance to consumers.

⁴“News Release: Consumer Price Index Summary,” Bureau of Labor Statistics, June 16, 2016.

⁵“News Release: Employment Situation Summary,” Bureau of Labor Statistics, June 3, 2016.

⁶The BofA Merrill Lynch U.S. Treasury Index tracks the performance of U.S. dollar-denominated sovereign debt publicly issued by the U.S. government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance. Callable perpetual securities qualify provided they are at least one year from the first call date. Fixed-to-floating rate securities also qualify provided they are callable within the fixed rate period and are at least one year from the last call prior to the date the bond transitions from a fixed to a floating-rate security. Bills, inflation-linked debt, and strips are excluded from the index; however, original issue zero coupon bonds are included in the index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. Securities issued or marketed primarily to retail investors do not qualify for inclusion in the index. Index constituents are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest.

⁷The BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization‐weighted index of all U.S. dollar-denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment-grade rating (based on an average of Moody’s, Standard & Poor’s, and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro‐rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro‐rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro‐rata basis.

⁸The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. The CS Leveraged Loan Index, which includes reinvested dividends, has been taken from published sources.

⁹The Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment.

¹⁰The BofA Merrill Lynch All Convertibles, All Qualities Index contains issues that have a greater than $50 million aggregate market value. The issues are U.S. dollar-denominated, sold into the U.S. market, and publicly traded in the United States.

¹¹The Barclays U.S. Corporate Bond Index includes all publicly held issued, fixed-rate, nonconvertible investment-grade corporate debt. The index is composed of both U.S. and Brady bonds.

¹²The Barclays Mortgage-Backed Securities Index is an unmanaged index composed of all fixed securities mortgage pools by GNMA, FNMA, and the FHLMC, including GNMA graduated payment mortgages.

¹³The Barclays U.S. CMBS Investment Grade Index measures the market of conduit and fusion CMBS deals with a minimum current deal size of $300 million. The index is divided into two subcomponents: the U.S. Aggregate-eligible component, which contains bonds that are ERISA eligible under the underwriter's exemption, and the non-U.S. Aggregate-eligible component, which consists of bonds that are not ERISA eligible.

¹⁴The BofA Merrill Lynch U.S. Municipal Securities Index tracks the performance of U.S. dollar-denominated investment-grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. Qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule, and an investment-grade rating (based on an average of Moody’s, Standard & Poor’s, and Fitch). Minimum size requirements vary based on the initial term to final maturity at time of issuance. Securities with an initial term to final maturity greater than or equal to one year and less than five years must have a current amount outstanding of at least $10 million. Securities with an initial term to final maturity greater than or equal to five years and less than 10 years must have a current amount outstanding of at least $15 million. Securities with an initial term to final maturity of 10 years or more must have a current amount outstanding of at least $25 million. The call date on which a pre-refunded bond will be redeemed is used for purposes of determining qualification with respect to final maturity requirements. Original issue zero coupon bonds are included in the index. Taxable municipal securities and 144a securities are excluded from the index.

¹⁵The J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD) is a market capitalization-weighted index that tracks total returns of U.S. dollar-denominated debt instruments issued by corporate entities in emerging markets countries. The index limits the current face amount allocations of the bonds in the CEMBI Broad by constraining the total face amount outstanding for countries with larger debt stocks.

Indexes are presented for informational purposes only and are not presented to illustrate any specific product or security.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

The yield spread is the difference between yields on differing debt instruments, calculated by deducting the yield of one instrument from another. The higher the yield spread, the greater the difference between the yields offered by each instrument. The spread can be measured between debt instruments of differing maturities, credit ratings, and risk.

Treasuries are debt securities issued by the U.S. government and secured by its full faith and credit. Income from Treasuries is exempt from state and local taxes. Although U.S. government securities are guaranteed as to payments of interest and principal, their market prices are not guaranteed and will fluctuate in response to market movements.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets may change significantly over time. Sectors may include many industries. The mention of specific portfolio holdings is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

The credit quality of the securities in a portfolio are assigned by a nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s, Moody’s, or Fitch, as an indication of an issuer’s creditworthiness. Ratings range from ‘AAA’ (highest) to ‘D’ (lowest). Bonds rated ‘BBB’ or above are considered investment grade. Credit ratings ‘BB’ and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer’s ability to pay interest and principal on these securities.

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The Fund invests primarily in high-yield, lower-rated securities, sometimes called junk bonds. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.

Debt securities are subject to credit risk, which is the risk that the issuer will fail to make timely payments of interest and principal, and they also may be subject to call, credit, liquidity, interest rate, and general market risks.

The views and information discussed in this commentary are as of June 30, 2016, are subject to change, and may not reflect the views of the firm as a whole. The views expressed in market commentaries are at a specific point in time, are opinions only, and should not be relied upon as a forecast, research, or investment advice regarding a particular investment or the markets in general. Information discussed should not be considered a recommendation to purchase or sell securities.

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Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

The Fund’s Dividend Yield and 12-Month Dividend Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

IMPORTANT INFORMATION

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

Class A Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

Returns shown at less than a year reflect aggregate total returns.

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.

The BofA Merrill Lynch U.S. High Yield Master II Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.

A HERITAGE OF HIGH YIELD

AN OPPORTUNISTIC APPROACH

STRONG TRACK RECORD

Yield

Dividend Yield 1 as of 09/27/2016

30-Day Standardized Yield 2 as of 08/31/2016

Expense Ratioas of 08/31/2016

Fund Basicsas of 08/31/2016

Fund Expense Ratio :

0.94%

Fund Expense Ratio :

0.94%

Fund Expense Ratio :

0.94%

Fund Expense Ratio :

0.94%

RELATED CONTENT

Credit Quality Distribution as of 08/31/2016 View Portfolio

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Performance

Performance

Dividend Yield 1 as of 09/27/2016

30-Day Standardized Yield 2 as of 08/31/2016

Fund Expense Ratio :

0.94%

Fund Expense Ratio :

0.94%

Fund Expense Ratio :

0.94%

Fund Expense Ratio :

0.94%

Growth of $10,000 as of 08/31/2016

NAV Historical Prices

Portfolio

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Dividend Yield ¹ as of 09/27/2016

30-Day Standardized Yield ² as of 08/31/2016

Dividend Yield ¹ as of 09/27/2016

30-Day Standardized Yield ² as of 08/31/2016